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EUROPE POWER-Weather, strike prospects boost week-ahead, curve rallies

FRANKFURT, Feb 5 (Reuters) - European wholesale market power prices gained strongly on Friday as the prospect of colder weather and French strike action boosted next week delivery, while futures rallied along with related carbon and oil markets.

* German baseload power for the week ahead was up 9.7% to 54.3 euros ($65.06) per megawatt hour (MWh) at 1020 GMT.

* The equivalent French contract rose 5.1% to 54.7 euros.

* Refinitiv Eikon data showed average temperatures will fall by 5-8 degrees Celsius next week in the two countries as cold weather fronts arrive.

* This boosts demand especially in France, which relies on electric heating, and where next week’s average daily consumption will likely stand at 68.9 gigawatts (GW), 7 GW above Friday’s level.

* Also, French power unions have called for strike action on Wednesday over restructuring plans at utility EDF.

* Germany’s heating infrastructure is based on oil and gas, leaving it less exposed to cold weather. Daily demand will fall by an average 1.7 GW next week, to 61.1 GW.

* Monday prices were mixed, with French delivery up 6.3% from Friday at 55 euros and German delivery off 2.7% at 50.4 euros.

* Supply-wise, German wind output will stand at 25.3 GW on Monday, 9.3 GW above Friday’s level.

* French nuclear availability was unchanged at 84.1% of capacity.

* Much of the river Rhine in Germany was still closed to shipping due to high water.

* Along the curve, German Cal ‘22 baseload power added 1.8% to 53.1 euros/MWh, a 19-month high.

* The equivalent French 2022 contract stood at 53.85 euros, 15 cents below its all-time high of 54 euros earlier in the session.

* December 2021 expiry European CO2 allowances added 1.6% at 37.88 euros.

* Hard coal for northern European delivery in 2022 was untraded after closing at $66.3 a tonne.

* January trading in flagship European power futures on the EEX exchange was down 15% year-on-year at 323 TWh. ($1 = 0.8347 euros) (Reporting by Vera Eckert. Editing by Mark Potter)

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